The Naira yesterday depreciated to N1,540 per dollar in the parallel market from N1,525 per dollar on Tuesday. But the Naira appreciated to N1,502.5 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate fell to N1,502.5 per dollar from N1,506.5 per dollar yesterday, indicating N6.5 appreciation for the naira. Consequently, the margin between the parallel market and NFEM rate expanded to N37.5 per dollar from N18.5 per dollar on Tuesday.
